LATEST THINKING

Artificial intelligence is the future of growth

Fuel for Growth

Fuel For Growth

Compelling data reveal a discouraging truth about growth today. There has been a marked decline in the ability of traditional levers of production—capital investment and labor—to propel economic growth.

Yet, the numbers tell only part of the story. Artificial intelligence (AI) is a new factor of production and has the potential to introduce new sources of growth, changing how work is done and reinforcing the role of people to drive growth in business.

Accenture research on the impact of AI in 12 developed economies reveals that AI could double annual economic growth rates in 2035 by changing the nature of work and creating a new relationship between man and machine. The impact of AI technologies on business is projected to increase labor productivity by up to 40 percent and enable people to make more efficient use of their time.

“Artificial Intelligence heralds dramatic potential for growth for both the economy and for humans."

Doubling Down on Growth

Doubling Down on Growth

By acting like a capital-labor hybrid, Artificial Intelligence offers the ability to amplify and transcend the current capacity of capital and labor to propel economic growth. Our research reveals unprecedented opportunities for value creation.

Annual growth rates in 2035 of gross value added (a close approximation of GDP), comparing baseline growth in 2035 to an artificial intelligence scenario where AI has been absorbed into the economy

Belgium

+17%

Italy

+12%

Spain

+11%

Clearing the Path to an Artificial Intelligence Future

Clearing the Path to an ARTIFICIAL INTELLIGENCE Future

Prepare the next generation for the Artificial Intelligence future—integrate human intelligence with machine intelligence so they can successfully co-exist, and reinforce the role of people to drive growth.

Encourage Artificial Intelligence-powered regulation—update and create adaptive, self-improving laws to close the gap between the pace of technological change and the pace of regulatory response.

Advocate a code of ethics for Artificial Intelligence—ethical debates should be supplemented by tangible standards and best practices in the development and use of intelligent machines.

Address the redistribution effects—policy makers should highlight how AI can result in tangible benefits and preemptively address any perceived downsides of AI.